Tencent Music Entertainment Shares Fall After 2Q Revenue Drop
By Michael Susin
Tencent Music Entertainment shares fell on Tuesday after the company reported a revenue drop in its social entertainment platform in the second quarter.
Shares were down 13% to $11.40. The stock is up more than 27% on the year
The Shenzhen-based company said net income for the second quarter rose to 1.68 billion Chinese Yuan ($234.1 million) from CNY1.30 billion in the same quarter a year ago.
Total revenues, however, fell 1.7% to CNY7.16 billion, mainly due to a decline in revenues from social entertainment services and others to CNY1.74 billion from CNY3.04 billion. The same segment saw a 45.8% drop in monthly average revenue per paying user to CNY73.2.
"The continued decrease was mainly the result of adjustments to certain live-streaming interactive functions and more stringent compliance procedures we started to implement in the second quarter of 2023, as well as increased competition from other platforms," it added.
Revenues from music subscriptions, however, rose nearly 30% to CNY3.74 billion.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
August 13, 2024 10:43 ET (14:43 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying
-
The 10 Best Companies to Invest in Now